NRS 679B.478. Issuance of registration upon approval of application; conditional approval of application; period of testing of qualified insurance product [Effective through December 31, 2029.]

1. 1. If an application to participate in the Program is approved pursuant to NRS 679B.477:

   1. (a) The applicant shall be deemed to be a participant.
   2. (b) The Commissioner shall issue a registration number unique to the approval.
   3. (c) Except as otherwise required by the Commissioner pursuant to subsection 2 or NRS 679B.483, a qualified insurance product offered or provided within the scope of the Program is exempt from any provision of this title or any regulation adopted pursuant thereto for which an exemption was requested in the application pursuant to subparagraph (1) of paragraph (a) of subsection 3 of NRS 679B.475. The qualified insurance product may be offered or provided by producers of insurance acting as agents and brokers, in accordance with the proposed plan for testing the qualified insurance product provided pursuant to paragraph (b) of subsection 3 of NRS 679B.475.
2. 2. The Commissioner may condition approval of an application upon compliance by the participant with one or more provisions of this title or any regulation adopted pursuant thereto for which an exemption was requested in the application pursuant to subparagraph (1) of paragraph (a) of subsection 3 of NRS 679B.475.

3. 3. A notice of approval of an application given pursuant to NRS 679B.477 must set forth:

   1. (a) The registration number applicable to the approval;
   2. (b) Any conditions imposed pursuant to subsection 2 or NRS 679B.483; and
   3. (c) Any additional information required by the Commissioner to be disclosed to consumers pursuant to subsection 2 of NRS 679B.474.
4. 4. Unless a timely request for an extension is made and approved pursuant to subsection 5, the period of testing for a qualified insurance product under the Program ends on a date determined by the Commissioner which must be not more than 36 months after the notice given pursuant to subsection 3.
5. 5. On or before the date on which the period of testing a qualified insurance product ends, a participant may submit a request to extend the period of testing for the qualified insurance product for not more than 12 months. The Commissioner may approve or deny the request, except that only one extension of the period of testing of a qualified insurance product may be approved. In determining whether to approve or deny the request, the Commissioner shall review the request using the same criteria used to determine whether to approve an application to participate in the Program, except that the Commissioner shall consider any data produced by the testing of the product which has already been completed.

(Added to NRS by 2025, 2704)